Loan Comparison Calculator
Compare multiple loan offers side by side to find the best deal. Enter up to three loan options to compare monthly payments, total interest, and overall costs.
- Loan Comparison Calculator: Compare multiple loan offers
- Comparison Factors: What to consider when comparing loans
- Choosing the Best Loan: Tips for making the right decision
Loan Comparison Calculator
Enter details for up to three loan offers to compare them side by side.
Key Comparison Factors
Interest Rate vs. APR
- Interest Rate: The base rate charged on the loan
- APR: Includes interest rate plus fees and other costs
- Better Comparison: APR gives a more complete picture
- Legal Requirement: Lenders must disclose APR
Monthly Payment Considerations
- Budget Impact: Ensure payment fits your monthly budget
- Payment Stability: Fixed vs. variable rate loans
- Term Length: Longer terms = lower payments but more interest
- Prepayment: Ability to pay extra without penalties
Choosing the Best Loan
Prioritize Based on Your Goals
- Lowest Monthly Payment: Choose longest term with lowest payment
- Lowest Total Cost: Focus on lowest total interest and fees
- Fastest Payoff: Shortest term you can afford
- Best APR: Most cost-effective when including all fees
Additional Factors to Consider
- Lender Reputation: Customer service and reliability
- Loan Features: Autopay discounts, rate reductions
- Prepayment Options: Ability to pay off early
- Application Process: Speed and ease of approval
Red Flags to Avoid
- Excessive Fees: High origination or processing fees
- Prepayment Penalties: Charges for paying off early
- Variable Rates: Rates that can increase over time
- Pressure Tactics: Lenders pushing quick decisions